Compressor wheelis an important component in the working of turbocharger. The efficiency of the turbocharger is decided on the basis of the performance of the compressor wheel. Design of the compressor wheel is one of the most important factors for its better performance. In internal combustion engine, compressor wheel is used to increase the volume of air pressure continuously. Aluminum is the most widely used material for the manufacturing of compressor wheel due to itsfavorable properties such as low density.

Market scope and structure:

COVID-19 scenario analysis:

• The demand for compressor wheel is expected to decrease in 2020 due to low demand from different industries, such as manufacturing and oil & gas,owing to the lockdown imposed by governments of many countries.
• COVID-19 pandemic has shut-down the production of various products in the compressor wheel industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of the compressor wheel market significantly from the last few months and is likely to continue during 2020.
• COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
• The major demand for equipment and machinery was previously noticed from giant manufacturing countries, including the U.S., Germany, Italy, the UK, and China, which have been badly affected by the spread of corona virus, thereby halting the demand for equipment and machinery.
• Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
• Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.

Top impacting factors:Market scenario analysis, trends, drivers, and impact analysis

Considering the importance of the compressor wheel in turbocharger, the manufacturer gives high preference to the accurate and proper design of the compressor wheel. Aluminum is the first choice of material to be used for the manufacturing of compressor wheel. Before aluminum, various other products, such as plastic, titanium, and magnesium, have been used for the manufacturing of compressor wheels. By using cast aluminum as a material, low production cost is incurred for producing the compressor wheel. Aluminum is capable to withstand high loads, which generate at higher RPM such as 150,000 RPM during operation.

Asia-Pacific is considered as one of the most important regions for the growth of the compressor wheel market. Different companies from various sectors have started their plants in countries such as India and China. The number of wastewater treatment plants and manufacturing plants is increasing in these countries. Therefore, there is high demand for compressor wheels from countries in the Asia-Pacific region.In addition, the aviation industry is growing at a rapid pace. Compressor wheel is used in the aircraft to force the air in the combustion chamber. Therefore, this could be the driving factor for the growth of the compressor wheel market.

Furthermore, turbocharger is very important device used in a large number of industries across the world. As the performance of the compressor wheel is used to measure the efficiency of the turbocharger, compressor wheels turn out to be an essential component. This could be the key driving factor for the growth of the compressor wheel market.With the advancement in compressor wheel, its performance has changed immensely. The latest compressor wheels are more compact in design and can withstand the high spinning speed of turbochargers. Therefore, the demand for advanced compressor wheels across the globe is expected to increase during the forecast period.

New product launch to boost the market

Many companies in the manufacturing industry or turbocharger industry are developing and introducing new products to the market. These new products are technologically more advanced than the previous products. These new products are capable of performing efficiently and effectively to give more output. For example, in February 2018, Switzerland-based Garrett Motions Inc. introduced a new version of fully-machined compressor wheel in the market. This compressor wheel consists of wheels made by using aluminum billet, which is an important feature of this compressor wheel. As these wheels are machined rather than casting, the cost of these wheels is low.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the compressor wheel market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the compressor wheel market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the compressor wheel market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.